CLICK HERE FOR TRENDING VIDEOS

Michael Vick May Be Ballin’ On The Football Field, But On A Modest Budget Due To Stacks Upon Stacks Owed To Creditors

Michael Vick paid his debt to society. Now he’s trying to pay back his massive debt to creditors. Despite earning $4.1 million since signing with the Philadelphia Eagles, Vick lives on a shoestring budget set for him by a court-appointed trustee. Most of his salary goes toward paying back creditors Vick owed before entering federal prison. Those creditors, which include banks, former business colleagues and former endorsement partners, were protected because of Vick’s 2008 filing for Chapter 11 bankruptcy.

A 112-page, court-approved document serves as Vick’s “reorganization plan.” It was uncovered by ESPN legal analyst Lester Munson.
Among the facts Munson discovered in the plan:
• Two-thirds of every dollar Vick earns goes to creditors and taxes.
• The rest of the money is strictly controlled. Think of it as an allowance.
• Vick can spend $4,250 per month on rent and utilities and $472 per month on a car. His mother, who was on Vick’s payroll during his headier, pre-prison days, can receive $2,500 per month.
• Other obligations Vick owes include mortgages, child support, fees for his agent (who gets $800,000 through 2015) and for his tax lawyers (who will eventually receive a total of $2.6 million). The allowance does allow for Vick to pay $1,355 per month for private school for the two children he has with his fiancee, Kijafa Frink. (Munson calls it a “rare bit of extravagance.”)
• His creditors stand to receive $12 million through 2015, provided Vick continues to receive a multi-million dollar salary.

Munson also writes that before Vick filed for bankruptcy, he frantically gave away $5 million to family and friends so that creditors couldn’t get to it. The court-appointed trustee is trying to recover that money, which was given to Vick’s friends, family and the mothers of Vick’s children. This is being done via a lawsuit, meaning that the man in charge of Michael Vick’s money is also suing Michael Vick’s family. (Though Munson says a judge will likely rule in the trustee’s favor, recovering the money will be a much more difficult matter.)

There have been countless reports about Vick’s financial woes since he first got into legal trouble for running an illegal dogfighting ring, but Munson’s story is the clearest picture yet of what Vick still has to go through. To watch a broadcast of Vick’s games and hear announcers rave about his recovery, you’d think everything was behind him. This document says otherwise. The more money Vick makes, the more money goes to creditors. A salary under $2.5 million would force Vick to pay 25 percent. That percentage jumps to 40 if Vick signs a deal worth $10 million or more per season. This path to financial redemption follows the same road that led to Vick’s personal reclamation. In both, he made stupid mistakes and then compounded them by being dishonest once authorities found out.

After serving his time, though, he’s dedicated himself to making up for his past misdeeds. It’s not heroic, per se, but it’s admirable. He could have run away like he does so often on the field. Instead, he appears to be trying to make it right. It’s ironic. Vick’s success on the football field is what caused him to get in trouble in the first place. That same success is now helping him get out of it.

More Stories From Bossip

Comments

dul5555

Smh get it right Vick

Kyra

My friends told me about — BlackwhiteCupid. C’ 0- M —–told It’s the best place to meet black white singles. Come in and stay a while. Complete your profile. Post a message, a picture of yourself and check out the photo galleries.

Give it a try, you will find someone you like there… 😉
@@@@

http://www.bossip.com well umm

Stay strong M.V.

Hannibal

PEYTON MANNING IS STILL BETTER THAN DOG KILLER-VICK! THEY SHOULD HAVE KEPT HIM IN JAIL LONGER!

wildcherry666

Stay in yo lane white boy. Vick beat both mannings. I still want to know why you white people love animals so much. What do you people really be doing with these animals?

b

your sick, the only evil one is the dog murderer and ppl like u who condone it

Blackness

Side Note: I’m proud of Vick, he is doing the right thing. They tried to take that brotha down but us blacks support him. I’m glad he is still with his black girlfriend. She stood by him through it all. That’s what sistas do, stand by these brothas when the world is against them. That’s the power of black love!

7lady

Dirty azz white devil strikes again. Takin all that black mans money. But yall worship them. And love to marry their women and give the money back that way too. Smh

Mrs. Rance

You know what debt is don’t you? It means he already got the millions of dollars worth of sh*t, but he ain’t paid for it yet. You think he ain’t supposed to pay for it? He’s just paying off that sh*t he already got and the court is making sure he does it and doesn’t lose his way again. The lesson he’s getting right now is invaluable. This is saving his financial future.

7lady

@Blackness
Aint that black love beautiful girl! Had it been a white girl she’d have been hightailed outta there. Just like kendra bout to do to hank.

j0boog

Frantic giving away $5million… Yeah right. Can’t blame the man for making sure his kids and his momma were good.

MissPerfect.a.k.a allergic to coonery

should have never gave you nuggas money !

Mrs. Rance

You got the wrong idea. Mike brought all this on himself. Let him man up and be a man which is exactly what he’s doing.

Shinningstar

Racism is alive and well here in America because I don’t see anyone talking about Sarah Palin going moose hunting on her tv show.

AGREED! I was wondering why he did not wipe out his debt and start over. It’s done all the time and it’s LEGAL for the Mrs. Rance and the other self righteous folks on this blog.

CooCooKitty

AMEN,TO THAT !!!!

dfiestyone

MV7- Keep on making it do what it due on the field baby!!! You are awesome my brother, I’m so very proud of you!!! Keep up the good work!! Let the haters continue to hate… keep on giving them something to hate more baby!!!
Love you!!

Mrs. Rance

Yes!! Those haters are seething too. They ready to lynch a brotha for being blessed and acting right. Oh wells. Let em run their blood pressure up. Go Mike!

http://bossip HANNIBALS DAD

Still Rich Bi.ch !

DR.FUNK

He did it to himself.Looks like there’s gonna be a STRIKE / LOCKOUT next season too.(uh oh)
Wonder if the creditors will show mercy under those circumstances? What’s disturbing is that it appears his agents and lawyers are getting most of the money.WTF?

XO

What a incredible football player? Total love MV stay Strong!

Mulatto Militia

It is true and I’d rather him have his dogs fighting instead of what white people do with their dogs, acting like they family and having them all over the bed and up under the baby.

cotton124

Cosign with kevin.

if anything be noble

It’s a wonder he can put one foot in front of the other straight much less have 300 yd games with all that mess spinning around in his head. Made my cranium hurt just reading it. 2015? Michael Vick. You get MUCH props from me. Smh

Toni

I see this working out for the best for him. He will be debt free and will see the importance of not blowing his money on idiotic stuff like the rest of the people with money for the moment. The way he’s playing, he’ll probably get a better deal, make more money, and get that ish paid off sooner than 2015. Hopefully when that day comes he’ll see the importance of saving his money. Good luck Vick!

jay32

Thank you the only smart post I’ve seen.

XO

Hateful trailer park white trash and non blacks are on this site pretening to be blacks and talking crap, please get lost. MV IS LOVE, THANK YOU!

jay32

Some of y’all are complete idiots.Yes the way he was treated in the media was overly harsh at times but he brought it on himself.Nobody took anything from him he basically gave it to by being stupid.I’m glad he’s taking responsibility for his actions and doing his best to make things right for himself and his family.I wish him the best and I’m rooting him to to success.Shoutout to his woman for staying down with him while he’s going through hard times.